Individual Voluntary Arrangement (IVA)

If you are having serious debt problems, unable to keep up on minimum repayments and have more than £12000 of unsecured debt, then an AllClear Finance IVA could be your solution to becoming debt free.

An IVA is a legally binding agreement between you and your unsecured creditors which allows you to only repay the debt that you can afford over a typical 60 month period and any remaining unsecured debt is written off on completion of the IVA. An IVA will offer you full protection from your unsecured creditors, so once the IVA has been agreed, your creditors cannot pursue you for further payment of your debt.

Benefits of an AllClear Finance IVA

If you qualify for an IVA with AllClear Finance, then there are many IVA advantages, including:

• Any unaffordable debt is written off. 
• Repay only what is affordable.
• 60 month repayment period, after which you will be debt free.
• All interest and charges are frozen.
• Creditors and debt collectors will no longer chase you for money.
• All legal action, including bankruptcy proceedings will stop.
• Creditors are legally bound to the terms and conditions of the agreement.
• No fees. Our service is free. Our costs are paid by your creditors from your contributions.

IVAs are backed by government legislation and were introduced as a less severe alternative to bankruptcy. No other debt solution can write off any amount of your debt. If you qualify for an IVA then it is often your best way to becoming debt free.

Not sure if an IVA is right you? Take the AllClear Finance 1 Minute Debt Test to see your potential debt solutions.

If you think that an IVA is the right debt solution for you, then please get in touch with our expert AllClear Finance IVA advisors on {Phone Number)}.  Our advisors will talk through your finances and offer you ethical IVA debt advice.

If an IVA is the right solution for you, we will help remove any of the lengthy legal complications. We will help you to work out one low affordable monthly IVA payment for you to make to your creditors, and all you need to do is sign any paper work and ensure that you are committed to the IVA.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)